Why should we even consider mitigating student debt?
We should NOT.
I bought a car last year for $40,000 and now have a $700 a month payment. My house 20+ years ago cost hundreds of thousands of dollars with many many more payments over $2,000 a month still due. Not to mention sundry other obligations that run for periods of time. I would like those to be gone or a least reduced. Who will do that for me? Answer, no one.
The way debt works is that you identify a purchase you want to make, determine what the object or service is worth, the outlay, you agree to pay the asked for amount, you sign the requisite paperwork which is virtually your promissory note for repayment. Therefore you have willing accepted the responsibility to pay according the a predetermined schedule. YOU signed for it.
Once you have closed the purchase you go on your way to use or consume the product or service, for our purpose today, you attend colleges and universities to achieve a degree of your choosing. For various reasons the cost of higher education has skyrocketed over the years. However they are not a secret and are clearly outlined at the onset of your education. Again, you have agreed to the cost.
Upon graduation you are given a very generous period of time before you need to start making payments. Like getting the car of your dreams and not having to pay for it until you have driven it for thousands of miles. The used car still has value just not what you signed for. Your student debt is very similar. You graduated, eventually got a job and lived out the grace period. Your job however does not seem to generate enough income that makes the student debt easy to pay. It is a burden and limits your buying decisions.
Why is the difficulty of you paying for your college education my worry? I have paid for everything I have ever signed for; Mortgages, Loans, credit cards, etc. all of which came with an obligation to pay. Who should I ask to pay my bills? Answer, No One.
My position on your debt is "Suck it Up Buttercup" it is yours, and only your responsibility.
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